ITV

Tag: Punit Goenka

  • Disney Star to licence ICC television broadcasting rights to Zee for four years

    Disney Star to licence ICC television broadcasting rights to Zee for four years

    Mumbai : Zee Entertainment Enterprises Ltd (Zeel) and Disney Star announced that they have entered into a strategic licensing agreement under which the latter will licence to the former  the television broadcasting rights of the International Cricket Council’s (ICC) Men’s and Under 19 (U-19) global events for four years.

    Disney Star will continue to be the sole provider of ICC tournament streaming via its digital platform, Disney+ Hotstar. This arrangement has been approved by the ICC.

    “This is a first-of-its-kind partnership in the Indian media and entertainment landscape, and this association with Disney Star reflects our sharp, strategic vision for the sports business in India. As a one-stop television destination for ICC men’s cricket events until 2027, Zee will leverage the strength of its network to offer a compelling experience for its viewers and a great return on investment for its advertisers,”  said Zeel managing director & CEO Punit Goenka. “Long-term profitability and value-generation continue to be our areas of focus across the business, and we will always evaluate all the necessary steps that will enable us to make sports a compelling value proposition for the company. We look forward to working with ICC and Disney Star, to enable this strategic offering for our television viewers in India.”

    This agreement allows Zeel to exclusively  telecast on TV marquee events such as the  ICC Men’s T20 World Cup (2024, 2026), ICC Men’s Champions Trophy (2025), and ICC Men’s Cricket World Cup (2027), as well as key ICC U-19 events.

    Also reads:  Disney Star retains ICC TV & digital rights for India till 2027

    Disney Star president & country manager K Madhavan said, “By securing the IPL television broadcast rights for 2023-27 and now opting to retain only the digital rights for ICC tournaments for 2024-27, we have in place a balanced and robust cricket offering for our audiences across linear and digital. Over the years, Disney Star has strengthened the appeal of international cricket in India, enabling it to reach diverse age groups and cultural demographics across all parts of the country. As India’s leading media house, we will continue to do so with our strong portfolio of cricket properties across television and digital.”

    With the ICC digital rights secured for the next four years, Disney Star continues to remain India’s home of sports. Its current portfolio also includes IPL television rights (2023-27), Cricket Australia television and digital rights (2023-2030), BCCI television and digital rights (2023), and Cricket South Africa television and digital rights (end of 2023-2024). Other major sports properties available on its platforms, in addition to cricket, include the Pro Kabaddi League, the Indian Super League, the Wimbledon Championship, and the English Premier League.

  • Uday Shankar & Punit Goenka to speak at APOS 2022

    Uday Shankar & Punit Goenka to speak at APOS 2022

    Mumbai: Former Disney Asia Pacific head Uday Shankar, who has now teamed up with James Murdoch for a JV Bodhi Tree Systems and who is also Marigold Park founder, director, and ZEEL manging director & CEO Punit Goenka, is among the speakers at APOS 2022, which will take place in-person in Singapore at the Capella from 27-29 September 2022. The event will also be streamed, keeping in mind the current COVID situation.

    Created and curated by Media Partners Asia, APOS positions itself as the ultimate destination for deals, partnerships, and thought leadership as industry leaders focus on sustainable growth and investment across content, connectivity, and commerce.

    The other speakers include Meta India VP & MD Ajit Mohan, JIO Platforms group CFO Saurabh Sancheti, Warner Bros. Discovery president, international Gerhard Zeiler, Paramount senior VP, Head of Office and Streaming, Asia Catherine Park, Candle Media co-CEO, founder Kevin Mayer, Prime Video VP, International Kelly Day, Sky NZ CEO Sophie Moloney and YouTube global head of media co partnerships Lori Conkling.

    The key themes are:

    Media Macros: The Long And Short View

    APOS takes the pulse of key APAC markets, providing an outlook on advertising and consumer spending across media with discussions on key drivers and challenges along with secular shifts.

    Streaming’s Sustainability

    2022 will help investors and industry stakeholders assess the scalability of streaming with a laser focus on the sustainability of customer growth, monetisation and the path to profitability. APOS brings global and local perspectives into sharper focus.

    Valuations And Investor Expectations

    TV remains profitable with low growth, while streaming is rapidly growing but unprofitable. What is the inflection point for streaming and the outlook for long-term cash generation? What are the various approaches toward valuations of pure-play streamers, companies in transition, and other proxies?

    Growth of Premium Asian Content

    Korean dramas and Japanese anime drive nearly 40 per cent of premium online video consumption across the region. Production values in Thailand, Indonesia, and other markets continue to improve as budgets increase and broadcasters recoup investments across TV and online. What is the future forecast? Will Korean dramas continue to dominate? Can Japanese anime and other genres grow share? What is the outlook for local dramas in the country and regionally?

    Metaverse Impact

    New applications are being pioneered to drive consumer experiences with growing use cases across gaming, movies, music, TV content, and social connectivity. What will be the impact on consumer engagement and the development of new media franchises?

    Battle for the Living Room

    The growth of smart TVs along with the proliferation of video services has driven demand for aggregation with an emphasis on customer simplicity, improved content search and discovery, and efficient payment. 2022 will see competition for the living room escalate amongst internet & technology giants and telcos & pay-TV operators. What does customer success look like in key markets and what compelling use cases are emerging?

    Scalability of Premium AVOD

    TV broadcasters and regional platforms are capitalising on CTV growth, local IP, and attractive demos to help shape the premium AVOD market in major Asia-Pacific markets. How are the dynamics playing out amongst key stakeholders and what will drive future growth?

    Expanding the Creator Economy

    What are the latest innovations and emerging technologies expanding the creator economy as platforms and advertisers look to next-gen content creators to reach new audiences and build engagement? How are key platforms investing in monetization engines and unique platform features to drive new revenue streams that sustain creator ecosystems internationally and in large local markets in APAC?

    Recalibration of Sports

    After pandemic-induced lockdowns in 2020-21, rights fees experienced a correction; is market demand returning to pre-Covid levels, and if so, which markets and franchises benefit and which lag? How are distribution dynamics and drivers changing with the growth of online video?

    Telco State of Nation

    Telco strategy and investor focus across key markets are being driven by 5G and mobile consolidation. What catalysts across consumer, enterprise, and other key verticals will drive value creation for telcos in 2022 and beyond?

    New Normal for Movies

    2022 box office is still relatively depressed in most markets. When will demand snap back and what role will streaming continue to play? How are exhibitors, studios, and production houses positioning themselves? How are investors reacting?

    Optimising Content and the Video Experience

    How are new technologies helping platforms optimise customer experiences across content and connectivity? What applications are helping companies thrive in a highly competitive video landscape with content personalisation, targeted advertising, and the overall consumer experience?

  • Zee-Sony merger gets nod from stock exchanges

    Zee-Sony merger gets nod from stock exchanges

    Mumbai: Zee Entertainment Enterprises (Zeel) on Friday received approval from the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) for its proposed merger with Culver Max Entertainment (formerly Sony Pictures Networks India).

    “The approval from the stock exchanges marks a firm and positive step in the overall merger approval process,” said the company statement. The approvals permit the Zee to proceed with the next steps in the overall merger process.

    The composite scheme of arrangement remains subject to applicable regulatory and other approvals.

    The Zee-Sony merged entity will be one of the largest media and entertainment players in India with close to $2 billion in revenue. Zeel MD and CEO Punit Goenka will serve as the managing director and chief executive officer of the merged entity over the next five years.

    After the closing, Sony Pictures Entertainment, which owns Culver Max Entertainment, will indirectly hold a majority of 50.86 per cent of the combined company, the promoters of Zeel will hold 3.99 per cent, and the remaining Zeel shareholders will hold a 45.15 per cent stake.

    It has been seven months since the two companies announced their intention to merge by signing definitive agreements.

  • Zee’s MD & CEO Punit Goenka is the ‘Game-Changer of the Year’: IAA Leadership Awards

    Zee’s MD & CEO Punit Goenka is the ‘Game-Changer of the Year’: IAA Leadership Awards

    Mumbai: ZEE Entertainment Enterprises (ZEEL) managing director and chief executive officer Punit Goenka was conferred with the coveted ‘Game-Changer of the Year Award’ at the International Advertising Association’s (IAA) Leadership Awards held in Mumbai.

    Goenka was awarded for his invaluable contribution towards the growth of the media and entertainment industry. He has also been credited for scripting the success story of ZEE in a year that tested the resilience and agility of businesses across industry.

    Crediting this recognition to all the teams at ZEE, Goenka said, “This is not only a source of encouragement, but also proof that we have been taking the right steps and moving forward. This win belongs to every member of the ZEE family who has consistently strived to achieve success and generate higher value for all our stakeholders.”

    As the MD & CEO of ZEE, he has been extremely successful in enhancing the company’s performance and driving the business towards its set goals by not just creating quality entertainment content, but also by bringing about a positive change across society. His futuristic vision and sharp acumen in the media domain have enabled ZEE to become the frontrunner in the entertainment sector, leading the company to achieve a global stature today.

    Under his notable leadership, ZEE has successfully expanded into international markets, with a presence across 190 countries and a reach of over 1.3 billion viewers today across consumption platforms.

  • Uptake of free DTH has come down since major broadcasters left: Punit Goenka

    Uptake of free DTH has come down since major broadcasters left: Punit Goenka

    Mumbai: The uptake of free direct-to-home services has come down since the major broadcaster networks collectively left the platform on 1 April, stated Zee Entertainment Enterprises Limited managing director and chief executive officer Punit Goenka during an earnings call.

    The company reported its fourth quarter and yearly results for the financial year ended 31 March. Goenka said, “Cord-cutting has slowed down now that GECs (general entertainment channels) have come out of the Free Dish platform. So far, the decline in subscription revenues has been because we were losing subscribers. The good thing is we’re not losing subscribers to digital but rather subscribers are migrating from pay linear to free linear TV.”

    On merger with Sony Pictures

    Goenka also shared an update on the merger process between Zee and Sony Pictures Networks India. The two companies had signed a definitive agreement in December 2021 and submitted key documents with the stock exchanges for the necessary approval. Analysts queried Goenka whether the timeline for completion of the merger would remain at eight to nine months as the company was still awaiting approval from the exchanges.

    “My speculation is that because this is a large merger there have been a significant number of queries by the stock exchanges that we have been answering. It has been two weeks or ten days since we last got any query from the exchange and I am still positive towards the eight to nine months timeline,” replied Goenka.

    Zee is expected to be one of the major contenders for the Indian Premier League (IPL) media rights auction that is set to begin on 12 June. With the merger process still underway, analysts asked Goenka whether Zee was in a position to bid for the media rights without the capital infusion of $1.57 billion (~Rs 12,000 crore) from Sony.

    “We have a healthy balance sheet and we can participate (in the IPL media rights) on our own,” said Goenka. He also noted that the TV and digital rights package being sold separately “doesn’t preclude us from bidding for either part of all of the rights packages being sold.”

    Goenka stated that the company is still evaluating its strategy concerning IPL media rights.

    Zee expects its advertising revenues to face pressure in the coming quarter due to the inflationary situation that has impacted FMCG advertisers who account for up to 53 per cent of ad spend on the network.

    The company also expects to see a short-term impact on ad revenues after pulling its GECs from the Free Dish platform. “This will be a transitional impact and we expect to recover as intended benefits accrue on the pay side of the business,” remarked Zeel chief financial officer Rohit Gupta.

    He added, “In FY23 from a quarter-on-quarter progression perspective we expect the margins to improve as we progress through the year.

    The first quarter will have the most immediate impact in terms of inflationary dynamics. FTA drop, accelerated investments and seasonal expenses such as increments etc., will have an impact on revenues. As revenues scale up in subsequent quarters, we expect margins to start inching up in the later part of the year.”

    The embargo on NTO (New Tariff Order) 2.0 continues to impact the broadcast industry in terms of subscription revenues. However, the management of Zee expects to see a positive quantum in terms of revenue growth for FY23 now that the pandemic has subsided.

    Zee reiterated its commitment to scale investments in content, technology and product. The company is particularly increasing investments on OTT content with more regional content in the pipeline and partnering with global studios, independent creators and premium content production houses. Zee5 saw 31 per cent growth in revenues for FY22 and its global monthly active users (MAUs) stood at 104.8 million. Average watch time on the platform increased to 214 minutes.

    Following the success of “Kashmir Files” that grossed Rs 200 crore in the box office, Zee Studios is gearing up to release 20-25 movies this year.

    On the linear TV side, the company plans to increase investments in its Hindi, Marathi and Tamil portfolio of channels to grow market share.

    Linear TV market

    Zee’s linear TV market share declined to 17.1 per cent in Q4 2022. Zee has also considerably brought down its debt to Dish TV India from Rs 5.8 billion in March 2020 to Rs 2.4 billion in March 2022.

    The company reported operating revenue of Rs 8189.3 crore up by 14.1 per cent year-on-year. Its profit after tax increased by 31.7 per cent and stood at Rs 964.4 crore. Advertising revenue stood at Rs 4396.5 crore in FY22 up by 18 per cent year-on-year. Subscription revenue remained stable at Rs 3246.6 crore. The company’s expenditure for the year came up to Rs 6467.3 crore out of which operating expenses stood at Rs 4044.9 crore. The company’s programming and technology costs increased year-on-year driven by higher theatrical revenue, continued investments in Zee5 and new launches across the market.

  • Invesco to sell up to 7.8 per cent stake in Zeel

    Invesco to sell up to 7.8 per cent stake in Zeel

    Mumbai: After extending support to the Zee-Sony merger, Zee Entertainment Enterprises Ltd’s (Zeel) single-largest shareholder Invesco on Wednesday said that it will divest up to 7.8 per cent stake worth Rs 2,200 crore in the media conglomerate via a block deal on 7 April.

    The investment firm said three funds managed by its developing markets investment team, including Invesco, will sell up to 7.8 per cent of the share capital of Zeel to align exposures to the firm with other funds managed by the team.

    Invesco further said after the proposed sale, the three funds managed by its developing markets investment team will continue to own in aggregate at least 11 per cent of Zeel.

    “It underscores the investment team’s belief that the Sony deal in its current form has great potential for Zeel shareholders. The three funds are launching a bookbuild transaction on Wednesday to sell the shares,” Invesco said in a statement.

    “The purpose of this transaction is to align these funds’ exposures to Zee with other funds managed by the investment team and to achieve an aggregate ownership position in the company that is more in line with the investment team’s portfolio construction approach,” it added.

    Last month, Invesco extended support to the Zee-Sony merger deal and decided not to pursue the call for an EGM of Zeel to remove MD and CEO Punit Goenka and two independent directors.The company however maintained that if the deal is not completed as currently proposed, Invesco retains the right to requisition a fresh EGM.

    In December 2021, Sony Pictures Networks India (SPNI) and Zeel signed definitive agreement for merger of Zeel into SPNI following the conclusion of an exclusive negotiation period during which both parties conducted mutual due diligence.

    At that time Invesco along with OFI Global China Fund LLC, which together hold about 17.9 per cent stake in Zeel, had opposed the deal.

    When the merger deal was announced in September 2021, the two networks had stated that Sony would invest $1.575 billion and hold 52.93 per cent stake in the merged entity and Zee the remaining 47.07 per cent.

    Under the terms of the definitive agreements, SPNI will have a cash balance of $1.5 billion at closing, including through infusion by the current shareholders of SPNI and the promoter founders of Zeel.

    Zee chief executive Punit Goenka will lead the combined company as its MD and CEO.

    The merged entity will become India’s second-largest entertainment network by revenue with 75 TV channels along with two video streaming services — Zee5 and SonyLIV. It will also house two film studios — Zee Studios and Sony Pictures Films India and a digital content studio (Studio NXT).

    When it is completed Sony Pictures Entertainment Inc will indirectly hold a majority 50.86 per cent of the combined company and the promoters (founders) of Zeel will hold 3.99 per cent, while the other Ze shareholders will hold a 45.15 per cent stake.

    In July 2019, Subhash Chandra-led Essel Group had roped in existing investor Invesco Oppenheimer to raise its stake in flagship Zee Entertainment Enterprises by another 11 per cent for Rs 4,224 crore.

     

  • Shashi Sinha takes over as new Barc India chairman

    Shashi Sinha takes over as new Barc India chairman

    Mumbai: IPG Mediabrands India CEO Shashi Sinha has been unanimously elected as the new chairman of Broadcast Audience Research Council (Barc) India, following the board meeting held on Friday. 

    Sinha takes over from Zee Entertainment Enterprises Ltd MD and CEO Punit Goenka, who served as Barc chairman for the last three years.

    Sinha, who also represents the Advertising Agencies Association of India as its board member, has played a key role in the formation of Barc, said the industry body in a statement.

    He is also actively involved in various industry bodies such as the Advertising Standards Council of India (ASCI); past chairman of Audit Bureau of Circulation (ABC); past president of The Ad Club; current chairman of Media Research Users Council (MRUC) and till very recently, before becoming a board member, was the first chairman of the technical committee of Barc India. 

    Sinha is also an honourable member of Facebook India Client Council.

    “I am excited to be given this opportunity as the chairman of Barc at a time when the industry is undergoing many changes and the measurement body continues to grow,” said Shashi Sinha. “Over the last decade, Barc has evolved to become a robust currency and developed into a strong base for decision making for all stakeholders. I look forward to continue working with the team at Barc and I am confident that together we will be able to add and bring in more value to the broadcast ecosystem.”

    “It has been a privilege to lead and serve Barc India as the chairman, for two terms. The organisation has indeed grown and progressed substantially since its inception,” commented Punit Goenka. “I would like to welcome Shashi as he takes the helm of an industry-critical operation in a fast-changing landscape. I am sure that Barc India will soar to newer heights under his guidance. I also wish Nakul and the team at Barc all the very best.”

    “It gives us great pleasure to welcome Sinha as our new chairman. He is recognised for his deep understanding of the media industry, especially the broadcast sector and has been an integral part of Barc’s journey as well as India’s M&E industry,” stated Barc India CEO Nakul Chopra. “It was under his leadership that the Barc tech comm played a significant role in the formation of the world’s largest television measurement system. We look forward to working closely with him.” 

    Chopra further said, “We would like to thank Goenka, who has also been the founder chairman of Barc India, playing an instrumental role in setting up this measurement system. His strategic guidance and contribution made to Barc India, as its chairman for two tenures, has added immense value.”

  • Zeel-Invesco: ‘We have decided not to pursue EGM,’ says Invesco

    Zeel-Invesco: ‘We have decided not to pursue EGM,’ says Invesco

    Mumbai: Invesco Developing Markets Fund on Thursday stated that it has decided not to pursue the extraordinary general meeting (EGM) of Zee Entertainment Enterprises Ltd (Zeel) shareholders as per their requisition dated 11 September 2021.

    The statement was released following the Bombay high court verdict that acknowledged Invesco’s requisition notice for an EGM as legally valid. Invesco and Zeel have been embroiled in a legal battle for control of the boardroom since October.

    Also Read | Bombay HC allows Invesco plea against order on EGM to remove Zee’s Punit Goenka

    In its statement, Invesco said, “We are pleased with the Bombay high court’s ruling, which we view as an important reaffirmation of shareholder rights in India and the mechanisms under Indian law to hold Boards accountable to their shareholders. The ruling is a boon for corporate governance in India and a win for shareholder democracy.”

    “Since we announced our intention to requisition an EGM and add six independent directors to Zee’s board of directors, Zee has entered into a merger agreement with Sony. We continue to believe this deal in its current form has great potential for Zee shareholders. We also recognise that, following the merger’s consummation, the board of the newly combined company will be substantially reconstituted, which will achieve our objective of strengthening board oversight of the company,” it added.

    “Invesco will continue to monitor the proposed merger’s progress. If the merger is not completed as currently proposed, Invesco retains the right to requisition a fresh EGM,” it concluded.

    The Zeel-Invesco boardroom battle began when the media company’s top two investors Invesco Developing Markets Fund and OFI Global China Fund LLC, with a combined stake of ~18 per cent stake in the Zeel, sent a requisition notice to the board on 11 September 2021, calling for an EGM.

    The investors sought the removal of long-standing directors and close associates of the Chandra family from the board following which two independent directors Ashok Kurien and Manish Chokhani submitted their resignations. Invesco also sought the removal of Zeel MD and CEO Punit Goenka.

    Zeel refused to conduct the EGM citing ‘shareholders interest’ and moved to Bombay high court on 2 October seeking to declare the requisition notice as “illegal and invalid.”

  • Bombay HC allows Invesco plea against order on EGM to remove Zee’s Punit Goenka

    Bombay HC allows Invesco plea against order on EGM to remove Zee’s Punit Goenka

    Mumbai: The Bombay High Court on Tuesday allowed an appeal filed by Invesco Developing Markets Fund, the largest shareholder of Zee Entertainment Enterprises Ltd (Zeel), against a single-judge order granting an interim injunction on holding an EGM to remove Zeel MD and CEO Punit Goenka.

    A division bench of Justices SJ Kathawalla and Milind Jadhav quashed and set aside the single bench order of October 2021.

    “The appeal is allowed. The single bench order is quashed and set aside. We have held that the requisition notice (sent by Invesco to Zee) is neither illegal nor incapable of being set aside,” the court said.

    Senior counsel Aspi Chinoy, appearing for Zee, sought the court to direct for a status quo to be maintained.

    The court then directed for the status quo to be maintained for three weeks.

    The bench also said it has quashed all the observations made by the single bench in its order.

    In September 2021, Invesco had put out a requisition to the Zee board of directors to hold an extraordinary general meeting (EGM) because it felt the company was not running as smoothly as desired.

    The firm sought to remove three directors from Zee’s board, including Goenka.

    When Zee refused to respond to the requisition, Invesco moved an application before the National Company Law Tribunal (NCLT) in Mumbai, which directed Zee to consider the requisition under law.

    Zee then approached the high court, seeking a declaration that the requisition notice by Invesco to hold the EGM was illegal and invalid.

    A single bench of justice Gautam Patel had in October 2021 in an interim order granted an injunction against holding of the EGM.

    Subsequently, Invesco filed an appeal against the interim injunction order on the ground that the high court had no jurisdiction to hear the matter and that it ought to have been heard and decided by the NCLT.

  • Sports not the only way to grow OTT business: Punit Goenka

    Sports not the only way to grow OTT business: Punit Goenka

    Mumbai: “Sports is not the only way to grow the OTT business,” remarked Zee Entertainment Enterprises Ltd (Zeel) MD and CEO Punit Goenka in an investor call on Wednesday. Zeel posted its third quarter financial results for the fiscal 2022. The company’s OTT platform Zee5 crossed 100 million monthly active users (MAUs) for the first time.

    While responding to a question on how acquisition of sports content will grow the OTT business, Goenka replied, “Until now we have not factored in sports in our OTT business. It is a faster way to grow the business but can it be done without sports? Certainly.”

    Streaming platform Zee5 posted impressive metrics during the quarter garnering 101.9 million MAUs and 9.6 million daily active users (DAUs) growing sequentially and over last year in terms of both MAUs and DAUs. The watch time on the platform also significantly improved to reach 201 minutes which is up by 15 minutes quarter-on-quarter. Zee5 released 51 shows out of which 11 were originals during the quarter.  The platform’s strong performance was registered on the back of a compelling slate of content launched during the quarter and enhanced user experience, said Goenka.

    Meanwhile, the merger process initiated between Sony Pictures Networks India and Zeel in December is making steady progress. The company noted that it will apply to National Company Law Tribunal (NCLT) after receiving necessary approvals for its scheme by the stock exchanges. Furthermore, the company will seek the approval for the scheme from the Competition Commission of India (CCI) in parallel.

    On the linear business side, all India viewership share of the network decreased by 40 bps to 17.3 per cent. During the quarter, the company launched 25+ shows across markets resulting in lower margins. “There have been significant investments in content this fiscal which in turn will reflect in our margins in the short term,” noted Goenka. “This is in line with the content strategy implemented across various genres. As we launch new shows across markets to drive viewership on the linear side we will post strong growth across viewer metrics.”

    “Advertising spending and consumer sentiment saw a significant boost in demand and we see this trend continue as we move forward,” he observed.

    Also read: Zeel reports Rs 21,126 million revenue in Q3’FY22 | Indian Television Dot Com

    Zeel posted an increase in revenues by seven per cent quarter on quarter but saw a slight decline of three per cent year on year in the third quarter of 2021. Both subscription and advertising revenues were lower compared to the same period last year.  

    “In the previous fiscal, we were recovering from a nationwide lockdown which had led to a huge pent-up demand,” explained Goenka. “On subscription revenue, the embargo on pricing has significantly impacted the overall growth across the industry. With NTO 2.0 implementation pushed to the next fiscal year, it is still too early to predict how FY 2023 will look.”

    He added, “In the last 12 months to 15 months the pay TV market has seen an erosion of 4.6 million households which have moved from pay TV to free to air and this is largely caused by the pandemic situation. That’s the cause of further degrowth in subscription revenues. The total TV business has reduced both in terms of reach and revenues on account of a slowdown in the movie business. The lack of fresh movie content for the last two years on the linear side has definitely had an impact. We’ve also had a cricket world cup which impacts movie viewership.

    Speaking about the impact of NTO 2.0 on subscription revenues he said, “It’s still too early to predict. We’re in an uncertain environment with regards to NTO 2.0 implementation. We need a 45-day window to implement and we’re already on 2 February. We must get a clear go ahead on implementation of NTO 2.0 by 15 February.”

    Zee Studios released five films during the quarter out of which one was Hindi and the rest were in regional languages. The movie business faced pandemic induced headwinds but overall opening of theatres and strong pipeline of films augured well for the movie industry at large, said Goenka. “Our studios business has a strong pipeline of films for the year ahead and we are hopeful that the third wave of the pandemic will subside soon, encouraging consumers to return to the big screen. We remain hopeful for an improvement in creative revenues for the subsequent three quarters.”  

    On the impact of the third wave, he said, “The third wave and surge of infections in 2022 could potentially have an impact on the fourth quarter results although it is too early to predict the outcome. The faster rate of recovery during this wave assures the quick resumption of services and activities across markets. We are hopeful that we will end the financial year registering steady growth across our businesses.”

    Zeel posted Rs 21,126 million in the quarter out of which advertising revenue stood at Rs 12,608 million and subscription revenue at Rs 7902 million. Zee5 posted quarterly revenues of Rs 1459 million which is up by 11.8 per cent quarter-on-quarter.